Ras Al Khaimah’s largest developer is repaying a loan ahead of schedule in a move that reflects the robust state of the emirate’s property sector.
RAK Properties said yesterday it would repay the Investment and Development Office (IDO) of Ras Al Khaimah US$22.32 million, due in July, along with an early settlement fee.
The company termed the move as cash-flow planning and said it would save on finance costs.
The developer’s third quarter profits fell 55 per cent and net income touched Dh30.3 million from Dh67.5m in the same period in 2012. The developer had attributed the fall to money set aside for impairment and rising expenses.
In 2009, RAK Properties received $150m from IDO to finance existing and future projects.
A week ahead of Cityscape last October, RAK’s largest developer launched 104 waterfront Flamingo Villas and two 20-storey apartment buildings in Lagoon Heights, and sold 50 per cent of the villas within a few days.
The latest phase cost RAK Properties Dh400m with prices for the villas ranging from Dh750,000 to Dh2.5m, said the company’s director of marketing and sales, Rashed Sultan Al Khatri. The company expects to sell 75 per cent of the units off plan, with handover in two years.
Apartments, which will be for lease only, are expected to hit the market by 2016.
Flamingo Villas and Lagoon Heights are part of the 30 million square foot Mina Al Arab development, which was launched in 2005 and is under progress in phases.
The project’s previous phases included 307 villas, which had prices from Dh2m to Dh5.2m and were sold out by 2011. The earlier phases included 808 apartments at prices between Dh295,000 and Dh1.2m.
Yesterday on the Abu Dhabi Exchange, RAK Properties’ shares closed at 98 fils, down a fil from Monday’s close, which was their peak for the year. They started 2013 at 38 fils apiece. The emirate’s property values have been rising throughout the year.
In 2013’s first quarter, RAK’s real estate prices rose by as much as 16 per cent, according to Al Hamra Real Estate Development, which developed flats and villas in Al Hamra Village.
The property company Cluttons said in June that new one-bedroom flats in RAK were selling for about Dh350,000, while rents were about Dh30,000 annually early in 2013.
Prices have generally risen since then, though amounts vary according to location.
A studio in Mina Al Arab is selling for Dh250,000, while a one-bedroom in Julphar Tower fetches Dh600,000, according to postings in Dubizzle.
A 5,436 sq ft, four-bedroom villa is going for Dh5m, while a 2,700 sq ft, three-bedroom villa has an asking price of Dh1.68m. Both are in Al Hamra area.
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Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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Power: 181hp
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Starting price: Dh79,000
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Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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Director: Laila Abbas
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Rating: 4/5
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• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
Match statistics
Abu Dhabi Harlequins 36 Bahrain 32
Harlequins
Tries: Penalty 2, Stevenson, Teasdale, Semple
Cons: Stevenson 2
Pens: Stevenson
Bahrain
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Cons: Radley 2
Pen: Radley
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Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.